Market Closes - March 20, 2017

Corn and wheat futures closed lower and near the day’s lows; this followed a strong opening on Sunday evening supported by short-covering. However, selling kicked in after trade reopened at 830 am CT. Old-crop corn futures traded above the 200-day moving averages overnight but closed well below that key level. The result is bearish “outside down days” that could point to more losses. Soybeans closed steady but still at the lows of the day. Huge South American crops are weighing on the market. Note that CFTC data show that the spec funds have moved to the short side of corn, as they are in wheat. Funds remain long soybean futures.

Beyond the nearby Live Cattle contract, cattle futures closed slightly higher, reaching new highs for this rally that started in February. Futures were supported by last week’s stronger cash cattle market. Choice up 0.33 at 223.76; Select down 0.51 at 213.97.

Low pathogenic avian influenza detected in western Kentucky Christian County flock depopulated; surveillance continuesMonday, March 20, 2017
FRANKFORT, Ky. — Federal and state authorities say a case of low pathogenic avian influenza has been detected in a commercial poultry flock in western Kentucky. The affected premises is under quarantine, and the flock of approximately 22,000 hens was depopulated as a precautionary measure, Dr. Stout said.

February Milk Production in the United States down 1.2 Percent

Milk production in the United States during February totaled 16.7 billion pounds, down 1.2 percent from February 2016. However, production was

2.3 percent above last year after adjusting for the leap year.

Production per cow in the United States averaged 1,782 pounds for February, 33 pounds below February 2016.

The number of milk cows on farms in the United States was 9.37 million head, 56,000 head more than February 2016, and 4,000 head more than January 2017.